Members of the equine industry will benefit from revisions to the Federal tax code via the Economic Stimulus Act of February and the recently passed Farm Bill. These two provisions will affect buyers' decisions in 2008 and planning for tax years 2009 and beyond. For complete information on this subject, please click here.

Genuine Risk, who until her death was the oldest living Kentucky Derby winner, passed away peacefully in her paddock shortly after being turned out the morning of August 18. The Champion raced for Bert and Diana Firestone and had been a longtime resident at Three Chimneys Farm through much of her troubled breeding career, which included a number of foal losses, and raised her first living foal at the farm in 1993, a foal by Rahy aptly named Genuine Reward. She also produced a second foal at Three Chimneys, a colt by Chief Honcho named Count Our Blessings. Neither raced, however Genuine Reward is now a successful sire of polo ponies and Count Our Blessings is currently a show jumper in New York. Besides her triumphant win in the Kentucky Derby, Genuine Risk also finished second in the Preakness and Belmont Stakes, won the Demoiselle Stakes, Tempted Stakes, and Ruffian Handicap, and finished third in the Wood Memorial. In 15 starts she never finished off the board. In 1998 Genuine Risk was moved from Three Chimneys Farm to Newstead Farm, owned by the Firestones, and was pensioned shortly thereafter. She remained at the Upperville, Virginia farm until her death and has been buried on a patch of lawn across from the Firestone’s home and is surrounded by flowers.

KEEFER (c, 2, Smarty Jones--Shootforthestars, by Seattle Slew), sent off the 3-2 second choice, was always in contention, took the lead in upper stretch and turned back the challenge of favored Matador Run (Cherokee Run) to win going away by 1 3/4 lengths. Keefer, a $60,000 KEESEP yearling, became the second winner for his freshman sire (by Elusive Quality). He is a half to Golden Rainbow (Seeking the Gold, SP, $260,780).

An attractive filly by Exchange Rate out of Wickedly Wise (Tactical Cat) realized a final bid of $375,000 and was the highest priced yearling sold at this year's Fasig-Tipton Kentucky July Yearlings Sale. Consigned by Kitty Taylor's Warrendale Sales agency on behalf of David Hanley's Whitechurch, the grey filly was purchased by Zayat Stables. The Valentine's Day foal was purchased by Hanley for $100,000 as a Keeneland November weanling. "She was a helluva filly," said bloodstock advisor Sobhy Sonbol. "She's very racy-looking and looks like she's going to be a fast and early one."

Elizabeth Voss, daughter of prominent Maryland trainer Thomas Voss, has been promoted to Director of Sales at Three Chimneys Farm. Voss has been a part of the Three Chimneys Farm sales team since the 2002 sales season and has gained experience in all phases and levels of the sales process. In her new role, she will oversee all aspects of the Three Chimneys Sales Agency. “Elizabeth has become an integral part of the success of Three Chimneys Sales,” said farm president Case Clay, who previously served in the Director of Sales position at the farm before taking over as president in 2008. “Her eye for horses continues to be a big asset for our customers, who trust and rely on her judgment with regard to conformation, valuation and book placement.” Three Chimneys Farm has been representing clients in the public and private sales arenas for over 30 years and consistently ranks as a leading consignor at major public auctions.

Champion and dual classic winner Smarty Jones came through with his first winner July 11. A daughter, La Equivocada, led all the way to win her second start by five lengths at Camarero Race Track. She ran the 5 1/2 furlongs in 1:04.77 to win for S. Metal Stable. Bred in Kentucky by Flaxman Holdings, La Equivocada is the third winner from three starters from French group-placed Dragonada (by Nureyev). Dragonada’s dam, French group winner Don’t Sulk is out of the blue hen mare Dinner Partner. Unbeaten through his first eight races, Smarty Jones was voted 2004 champion 3-year-old male after winning the Kentucky Derby (gr. I) and Preakness Stakes (gr. I). His Triple Crown bid ended with a runner-up effort in the Belmont Stakes (gr. I).

Diamond Diva (GB) battled back determinedly in the closing strides after she was headed by Grade 1 winner Ventura and nipped that foe by a nose in the final jump to win the $750,000 CashCall Mile Invitational Stakes (G2) on Saturday at Hollywood Park. Just a Game Stakes (G1) winner Ventura powered by Diamond Diva from the outside but the valiant winner refused to relent and fought back doggedly. Diamond Diva edged back to draw even as the dueling duo hit the wire together and nipped the runner-up in a thrilling photo finish in the one-mile turf race. She completed the distance in 1:34.07 on firm turf. "It was a very close call,” Flores said. “I was just hoping coming back I'd see my number up. That other filly [Ventura] went by her in the stretch, and my filly looked at her and said 'no way.' She came back real gamely.” Trained by James Cassidy for Three Chimneys Racing, Diamond Diva won the one-mile American Beauty Handicap on March 30 at Santa Anita Park in her North American debut. The Dansili (GB) filly won the one-mile Wilshire Handicap (G3) by three-quarters of a length on April 23 at Hollywood and entered the CashCall Mile off a runner-up finish in the 1 1/8-mile Gamely Stakes (G1) on May 26 at Hollywood. She improved to six wins in 16 starts and more than doubled her earnings to $721,285.

Exchange Rate is currently North America’s Leading Sire of 2-Year-Olds by earnings, stakes horses, and stakes winners (he’s tied with Storm Cat, Valid Expectations, and Dixie Union for that title, which is not bad company to run with). His most recent stars, SOUTHERN EXCHANGE and JULIET’S SPIRIT, make Exchange Rate the ONLY sire in North America with two undefeated 2YO stakes winners. This year, Exchange Rates runners are winning where it counts on all surfaces – dirt, turf, and synthetic. He is quickly proving to the world that he can get early runners on any surface who keep improving as they age.

The Kentucky Region of the Make-A-Wish Foundation and Three Chimneys Farm recently teamed up to grant a young boy’s wish of meeting Kentucky Derby [G1] and Preakness Stakes [G1] winner Smarty Jones and his experience was chronicaled on June 30 during SportsCenter's "My Wish" series. Through the help of John Greely, a strong supporter of the Make A Wish Foundation, experiences were arranged for Patrick and his family aimed at giving him a unique and memorable experience in Kentucky and hands-on involvement with horses, which are his passion. 9-year-old Patrick Munro of Greenlawn, NY, who suffers from hydrocephalus and, as a result, is blind and hearing impaired, spent several days in Central Kentucky. Patrick and his family were invited to Three Chimneys Farm to fulfill Patrick’s wish to meet Smarty Jones. He first was introduced to Smarty Jones by Three Chimneys Farm owner Robert Clay, who helped him pet and interact with the Champion, then took a tour of the farm and was able to meet and interact with several of Smarty Jones’ babies. That day was also declared Patrick Munro Day in the town of Midway. “We at the farm were as pleased to meet Patrick as he was to meet Smarty Jones,” said Robert Clay. “Pat is such an inspiration to us in how he has overcome adversity in his life time and time again. If more people shared the same attitude as Patrick does, the world would be a better place.”

Dynaformer's MICHITA, who last time out dominated the Height of Fashion S. at Goodwood, turned in another ultra-impressive performance in winning the Ribblesdale S. (G2T) on July 16 at the Royal Ascot meeting for owner/breeder Stonerside Stable, LLC. Her win came right on the heels of another Dynaformer filly, SOCIAL QUEEN, who won the Eatontown H. (G3) in record time.

DREAMING OF ANNA, Champion Juvenile Filly of 2006, closed out Churchill's Stephen Foster day race card with a win in the Early Times Mint Julep stakes [G3] on June 14th. Dreaming of Anna set the pace from the beginning and never let it go, winning by 1-1/2 in a final time of 1:42.77 over the firm turf course. The win brings Dreaming of Anna's earnings to $1,988,175 and is her 10th win in 15 starts.

Dancing Forever glided to the rail midstretch in the June 7 Woodford Reserve Manhattan (gr. IT) and looked like a winner, but Out of Control was ready to give him a tussle in the final yards. In a thriller to the finish, it was Dancing Forever who became a grade I winner in the $400,000 Manhattan with his nose decision over Out of Control in the 1 1/4-mile turf race at Belmont Park. As the field turned for home, Dancing Forever was mounting a serious rally, and emerged with the lead in the final sixteenth of a mile. Out of Control came with a powerful rush from the outside, and it was a head bob that decided the finish. Dancing Forever was racing on the rail and wearing blinkers, but the winner appeared to sense Out of Control to his outside, and dug deeper. Dancing Forever is trained by Shug McGaughey for owner-breeder, Phipps Stable. A 5-year-old son of Rahy and the Seeking the Gold mare, Dancinginmydreams, Dancing Forever won the Elkhorn (gr.IIT) at Keeneland in his last start April 25. The Elkhorn was Dancing Forever’s first graded win.

After setting a brisk pace for the first six furlongs of the Gamely S. [G1T], Three Chimneys Racing's DIAMOND DIVA gave way to eventual winner Precious Kitten, a multiple Grade 1 winner, and finished a determined second in her first Grade 1 stakes event. DIAMOND DIVA was unbeaten in her two previous U. S. starts and turned in a very respectable performance in the Gamely. Her next expected start, a probable re-match against Precious Kitten, will be in the Cash Call Mile [G2T] on July 5 at Hollywood Park.

STORM MESA (by Sky Mesa) put up the year's highest Beyer Speed Figure for a 3-year-old filly on Monday, when she earned a 108 for her win in the $100,000 Cinemine Stakes at Lone Star Park. She dominated by 13-1/2 lengths in her stakes debut, and covered the seven furlongs in a sharp 1:21.56. "It was an extremely impressive race," said Bret Calhoun, who trains Storm Mesa for Richard L. Davis. Calhoun on Wednesday said an option for Storm Mesa's next start is the Grade 3, $200,000 Iowa Oaks at 1 1/16 miles at Prairie Meadows on June 27. Storm Mesa had won back-to-back mile races by a combined 10 lengths before cutting back to seven furlongs for the Cinemine. Calhoun said an outside next-race option is the Grade 1, $250,000 Prioress Breeders' Cup for 3-year-old fillies at six furlongs at Belmont Park on July 5. Storm Mesa is a daughter of Sky Mesa and the Pleasant Colony mare Narjis Flower. She was bred in Kentucky.

IEAH Stables and Paul Pompa, Jr., owners of Kentucky Derby [G1] and Preakness Stakes[G1] winner Big Brown, announced today that the Boundary colt will stand at Three Chimneys Farm at the conclusion of his racing career. "We have entertained a variety of flattering offers but felt Three Chimneys was the best choice for us," said Mike Ivarone on behalf of IEAH. We were determined to participate in his breeding career and the Three Chimneys deal has given us that opportunity. We are very excited to partner with the likes of Three Chimneys and to be afforded the opportunity to stand this brilliant colt alongside such great stallions as Smarty Jones and Dynaformer in the breeding capital of the world." Out of the Nureyev mare, Mien, Big Brown was bred in Kentucky by Gary Knapp's Monticule Farm. Three Chimneys is thrilled to have the privilege to stand a horse of Big Brown's caliber," said Robert Clay, owner of Three Chimneys. "Having won every race he's run with such ease, I don't think we've actually seen what he's truly capable of." Big Brown, who easily captured the Preakness Stakes under a strong hold by jockey Kent Desormeaux, is now unbeaten in five starts and is one race away from winning racing's Triple Crown. He is scheduled to start in the Belmont Stakes [G1] on June 7.

Three Chimneys bred EIGHT BELLES, who overcame traffic throughout the race to finish a clear second in this year’s Kentucky Derby [G1], suffered fractures in both front legs while galloping out after the race and had to be euthanized on the track. Trained by Larry Jones and owned by Fox Hill Farms, Eight Belles previously won the Fantasy Stakes [G2] and Honeybee Stakes [G3] before her game second place effort in the Kentucky Derby. “Eight Belles displayed her stamina, determination and heart every time she raced,” said Case Clay, President of Three Chimneys Farm. “What happened after the race is nothing short of a tragedy and our hearts go out to Rick Porter, Larry Jones , Gabriel Saez and Eight Belles herself. We would also like to thank the racing fans from across the country and our friends in the industry for showing their support to us during this very difficult time. " A multiple graded stakes winner at three, the Derby runner-up took her posthumous career record to 10-5-3-1 with earnings of $708,650.

A stakes winner at two and now again as a three-year-old, Zayat Stables’ Zee Zee zoomed to a front-running victory in the $168,600-added Edgewood Stakes on a wet afternoon at Churchill Downs May 2. Saddled by Bill Mott, she grabbed the lead early and never let go, holding on for a 1 3/4-length win following fractions of :24.57, :49.89, 1:14.59, and 1:38.51. Her final time for the 1 1/16 miles over a yielding turf course 1:44.73. Zee Zee broke her maiden in her first outing last August at Saratoga and then was second in the With Anticipation Stakes at the same track. She followed those efforts with a victory in the Happy Ticket Stakes at Louisiana Downs while running for the third time on grass.

Three Chimneys Racing enjoyed a successful day at Keeneland when RUSSIAN ROSIE (IRE) won a $54,000 allowance race on the turf. The early fractions were fast and she sat about 6 lengths off the frontrunner. Turning for home she had to look for room, but when she found some, she unleashed a powerful drive to earn a head victory in a time of 1:34.4, which was over a second and a half faster than a later race run at the same distance and conditions. It was an outstanding effort for a very promising young filly and she came out of the race in good order. She will now ship up to Canada for a possible run in the Nassau (GII), which is run at 9 f. on May 31 at Woodbine.

(From www.bloodhorse.com) British import DIAMOND DIVA (GB) overcame her outside post position to register a sharp win from off the pace in the $110,800 Wilshire Handicap (G3T) at one mile on opening day of the Hollywood Park spring/summer meet. Sent off as the slight 3-1 favorite, the 4-year-old filly is unbeaten in two U.S. starts on the turf for trainer James Cassidy and Three Chimneys Racing. In the short run to the clubhouse turn on Hollywood's turf course, DIAMOND DIVA (GB) was stuck about four wide but she settled into a nice stalking trip mid-pack for jockey David Flores after finding a comfortable spot on the outer part of the course. Front-running La Tee, pushed by Unspoken Word, ensured a strong pace, and DIAMOND DIVA (GB), roaring into contention mid-stretch on the outside, did the rest, overtaking Kris' Sis and La Tee for a three-quarters-of-a-length victory. "I knew there was a little bit of speed in the race," Flores said. "I was trying to save some ground into the first turn. I was four wide, but I was comfortable with where we were at." Flores said he was fully confident in the filly's ability to run down her rivals. "She started looking around when she got the lead, and that's when I hit her a couple of times (to get her attention)." Second choice Kris' Sis, ridden by Michael Baze, rallied for second by 1 1/4 lengths over 18-1 shot La Tee and Martin Garcia. The Brazilian-bred Colina Verde finished fourth in the field of nine. The final time was an outstanding 1:33.21 on a firm course. After showing good early speed, La Tee set rapid fractions of :23.15, :45.72, and 1:08.90. "He ran a little longer than I would have liked, but that's all right," joked Cassidy about Flores' ride. "Believe me, she's a very nice filly. I don't know how good she might be, but I've been impressed with her last two races. "She broke well and the outside post didn’t seem to be a hindrance and that was my biggest concern," he added. "She was wide pretty much most of the race until they hit the five-eighths pole and he was able to get her in. Down the lane, I thought she might win a little easier than she did, but when I saw the fractions I realized why.” A three-time winner in her native Great Britain, DIAMOND DIVA (GB) came off a six-month layoff to win the one-mile American Beauty Handicap on Santa Anita's grass course in her U.S. bow by nearly two lengths March 30. The consistent dark bay daughter of Dansili—Vivianna, by Indian Ridge, now holds a lifetime record of 5-4-2 in 14 starts with earnings of $247,485.

Sky Mesa’s first stakes winner is SKY MYSTIC (05 f. o/o Delicacy, by Pleasant Colony), who rallied impressively to win the $100,000 California Oaks going 1-1/16 m. on the all weather track by a neck. Last at the quarter and the half, she swung out to be four wide into the stretch and rallied steadily. It’s her third win in five starts and she’s earned $104,700 and vaults Sky Mesa to among the Top Ten Second Crop sires of 2008. Owners: David and Jill Heerensperger. Breeder: Gaines-Gentry Thoroughbreds.

Not only was Point Given the sire of TWO millionaires in 2007, but one of them -- SEALY HILL -- was the Champion 3-year-old Filly of Canada, Champion Turf Female of Canada and HORSE OF THE YEAR in Canada for 2007. The other millionaire, GO BETWEEN set a Keeneland track record (and won a G3 stake) in his polytrack debut, and is now undefeated on synthetic surfaces with his win in the $1,000,000 Sunshine Millions Classic at Santa Anita on January 26.

WAR MONGER won the $500,000 Sunshine Millions Turf at Gulfstream on January 26 for his second straight stakes win, his fourth win in seven starts, earnings of $430,976 and owner/breeder Peter Vegso's second Sunshine Millions winner of the day with a Three Chimneys-sired horse!

The first Flower Alley foal is a bay colt out of the stakes winner Country Vision, by Cahill Road, foaled on January 8 at Millennium Farms, near Lexington, KY. "He's a really nice baby, with plenty of size, bone, substance and just a lot of quality about him," said Marc Wampler, who purchased the mare carrying the Flower Alley colt at the Keeneland November Sale for his client, James Hindman's Rich Meadow Farm. "I'm super excited about the foal," said Wampler. "In fact, I called [Three Chimneys] the day after I saw the colt and bought a season to breed one of my mares back to him in '08. If they all come out looking like this one, you'll be all set." The colt is the first foal out of stakes winner Country Vision, who is out of a half-sister to stakes winners Captain Video, A Penny Saved and stakes-placed Dream Me and Buckaroo's Dream.

RIO DE LA PLATA (05 c. o/o Express Way (ARG), by Ahmad (ARG)) won the Veuve Clicquot Vintage S.-G2 going 7 f. at Goodwood on August 1, was second in the Bank of Scotland National S.-G1 at the Curragh on September 16 and won Prix Jean-Luc Lagardere (Grand Criterium)-G1 at Longchamp on October 7.

Smarty Jones colts brought $650,000 at the Saratoga Select Yearling Sale and $600,000 at the Keeneland September Yearling Sale and ten of his colts and fillies brought more than $300,000 as yearlings.